Bank of N.T. Butterfield & Son Limited (The) $NTB Shares Sold by Hotchkis & Wiley Capital Management LLC

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its holdings in Bank of N.T. Butterfield & Son by 2.9%, selling 29,180 shares during the first quarter.
• The bank recently reported $1.26 earnings per share, exceeding analysts' expectations, along with declaring a $0.50 quarterly dividend, increased from $0.44.
• Analysts have set new price targets for the bank's stock, with estimates ranging from $50.00 to $54.00, supporting a consensus rating of "Moderate Buy."

Hotchkis & Wiley Capital Management LLC trimmed its stake in shares of Bank of N.T. Butterfield & Son Limited (The) (NYSE:NTB - Free Report) by 2.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 984,370 shares of the bank's stock after selling 29,180 shares during the period. Hotchkis & Wiley Capital Management LLC owned about 2.07% of Bank of N.T. Butterfield & Son worth $38,312,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. GAMMA Investing LLC grew its holdings in Bank of N.T. Butterfield & Son by 216.7% during the first quarter. GAMMA Investing LLC now owns 1,346 shares of the bank's stock worth $52,000 after acquiring an additional 921 shares during the period. Lazard Asset Management LLC acquired a new stake in Bank of N.T. Butterfield & Son in the fourth quarter valued at approximately $72,000. Quarry LP grew its holdings in Bank of N.T. Butterfield & Son by 19.7% in the fourth quarter. Quarry LP now owns 3,069 shares of the bank's stock valued at $112,000 after purchasing an additional 505 shares during the period. Point72 Asia Singapore Pte. Ltd. grew its holdings in Bank of N.T. Butterfield & Son by 164.2% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 4,290 shares of the bank's stock valued at $157,000 after purchasing an additional 2,666 shares during the period. Finally, Hsbc Holdings PLC acquired a new stake in Bank of N.T. Butterfield & Son in the first quarter valued at approximately $201,000. 62.73% of the stock is owned by institutional investors and hedge funds.

Bank of N.T. Butterfield & Son Price Performance

Bank of N.T. Butterfield & Son stock traded down $0.18 during trading on Wednesday, reaching $45.33. 176,314 shares of the company were exchanged, compared to its average volume of 179,304. Bank of N.T. Butterfield & Son Limited has a 52-week low of $34.77 and a 52-week high of $46.89. The company has a market capitalization of $2.15 billion, a P/E ratio of 9.10 and a beta of 0.64. The stock's 50 day simple moving average is $45.03 and its two-hundred day simple moving average is $41.56.

Bank of N.T. Butterfield & Son (NYSE:NTB - Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The bank reported $1.26 EPS for the quarter, topping analysts' consensus estimates of $1.15 by $0.11. The firm had revenue of $146.30 million for the quarter, compared to the consensus estimate of $146.91 million. Bank of N.T. Butterfield & Son had a return on equity of 21.16% and a net margin of 27.05%.During the same quarter last year, the business posted $1.09 earnings per share. As a group, equities analysts forecast that Bank of N.T. Butterfield & Son Limited will post 4.4 earnings per share for the current year.

Bank of N.T. Butterfield & Son Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 25th. Shareholders of record on Monday, August 11th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 4.4%. This is a positive change from Bank of N.T. Butterfield & Son's previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Monday, August 11th. Bank of N.T. Butterfield & Son's payout ratio is 40.16%.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Wells Fargo & Company raised their price objective on Bank of N.T. Butterfield & Son from $46.00 to $54.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Keefe, Bruyette & Woods raised their target price on Bank of N.T. Butterfield & Son from $48.00 to $50.00 and gave the company a "market perform" rating in a research report on Friday, July 11th. Finally, Raymond James Financial restated an "outperform" rating and issued a $50.00 target price (up previously from $44.00) on shares of Bank of N.T. Butterfield & Son in a research report on Tuesday, July 8th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Bank of N.T. Butterfield & Son has a consensus rating of "Moderate Buy" and an average price target of $51.33.

About Bank of N.T. Butterfield & Son

The Bank of N.T. Butterfield & Son Ltd. provides community banking and wealth management business. The firm operates through the following geographical segments: Bermuda, the Cayman Islands, Channel Islands and the UK, and Other. The Bermuda and Cayman segments offer retail banking and wealth management.